Notice2025-18552
Self-Regulatory Organizations; MIAX Sapphire, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Provide API Access to the Member Firm Portal
Primary source
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Published
September 25, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 184 (Thursday, September 25, 2025)</title>
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[Federal Register Volume 90, Number 184 (Thursday, September 25, 2025)]
[Notices]
[Pages 46288-46291]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-18552]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-104016; File No. SR-SAPPHIRE-2025-35]
Self-Regulatory Organizations; MIAX Sapphire, LLC; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Provide
API Access to the Member Firm Portal
September 22, 2025.
Pursuant to the provisions of Section 19(b)(1) of the Securities
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice
is hereby given that on September 15, 2025, MIAX Sapphire, LLC (``MIAX
Sapphire'' or ``Exchange'') filed with the Securities and Exchange
Commission (``Commission'') a proposed rule change as described in
Items I and II below, which Items have been prepared by the Exchange.
The Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to provide an additional means to access its
Member Firm Portal (described below).
[[Page 46289]]
The text of the proposed rule change is available on the Exchange's
website at <a href="https://www.miaxglobal.com/markets/us-options/all-options-exchanges/rule-filings">https://www.miaxglobal.com/markets/us-options/all-options-exchanges/rule-filings</a>, and at the Exchange's principal office.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange provides Members \3\ access to an internet-facing
portal which provides self-service functions to Members, known as the
Member Firm Portal (``MFP'').\4\ Specifically, the MFP allows Members
to correct certain trade information required by the Options Clearing
Corporation (``OCC''), such as the trade's account number, sub-account
number, Clearing Member Trade Assignment (``CMTA''), Clearing
Participant Give-Up, or account type. The MFP also provides Members the
ability to adjust risk settings and allows Market Makers \5\ to request
options class assignments. Members may also perform the following
functions via the MFP: selecting symbol assignments; editing existing
symbol assignments; unassigning one or more symbols; retrieving symbol
assignments; receiving export of symbol assignments for a business day;
and retrieving assignment history for a given symbol assignment. The
MFP allows Members to more efficiently manage their back office
operations and assist them in providing accurate clearing information
to the OCC. Currently, access to the MFP is provided on a per user
basis, whereby Members seek to have individuals within their
organization permissioned to access the MFP via a web portal on their
behalf (known as the ``MFP User Interface'' or ``MFP UI''). The
Exchange notes that other options exchanges make similar products
available to firms for a monthly per user fee.\6\ The Exchange provides
the MFP UI to Members for free.
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\3\ See Exchange Rule 100.
\4\ See MIAX Sapphire Options Exchange User Manual, Version
1.1.0 (revision date July 9, 2025), available at <a href="https://www.miaxglobal.com/miax_sapphire_user_manual.pdf">https://www.miaxglobal.com/miax_sapphire_user_manual.pdf</a>. See also MIAX
Exchanges Member Firm Portal User Manual (modified July 2025),
available at <a href="https://www.miaxglobal.com/miax_exchanges_member_firm_portal_user_manual.pdf">https://www.miaxglobal.com/miax_exchanges_member_firm_portal_user_manual.pdf</a>.
\5\ See Exchange Rule 100.
\6\ See BOX Exchange LLC Fee Schedule, Section III. D., Trade
Management System (assessing a fee of $350 per month, per user); The
Nasdaq Stock Market LLC (``Nasdaq'') charges $200 per month, per
user. See Nasdaq Rules Options 7 Pricing Schedule, Section 6, Nasdaq
Options Maintenance Tool. See also Securities Exchange Act Release
No. 96723 (January 20, 2023), 88 FR 5046 (January 26, 2023) (SR-BOX-
2023-03) (Notice of Filing and Immediate Effectiveness of a Proposed
Rule Change to Establish a New Service and Related Fees for Use of
the BOX Options Market LLC (``BOX'') Trade Management System).
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Members may also access the MFP via an Application Programming
Interface \7\ (``API'' and together ``MFP API''), in addition to the
current MFP UI accessed via the web portal. In sum, an API is a way for
two or more computer programs to talk to each other. It is a software
to software interface that defines the data and the transactions that
can be communicated between systems. In providing the MFP API,
functions that would otherwise be done manually via the MFP UI, can be
automated. The MFP API, in essence, facilitates and expedites the
transaction processing for the supported functionality such that
Exchange Members can automate their interactions with the MFP. This
allows for more efficient processing, the potential reduction of
operational risk due to issues caused by human error, and the
timeliness of the completion of MFP-related functions.\8\ Providing API
access to the MFP would allow Members to enable their systems and
applications to communicate directly with the MFP, thereby eliminating
or reducing the need for individuals to access the MFP UI via the web
portal.
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\7\ If the Exchange determines to propose fees for API access to
the MFP, the Exchange will submit a separate filing with the U.S.
Securities and Exchange Commission pursuant to Section 19(b)(1) to
propose such fees.
\8\ See, e.g., What is an API?, available at <a href="https://www.ibm.com/topics/api">https://www.ibm.com/topics/api</a> (last visited August 27, 2025).
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The Exchange does not propose to alter the current MFP or MFP UI.
The Exchange simply proposes to provide an additional and optional
means to access the MFP, in the form of an API, and Members would be
able to perform the same functions they do today when they access the
MFP UI via the web portal. API access to the MFP would allow a Member's
applications to communicate directly with the MFP. Therefore, by its
nature, the MFP API does not lend itself to access on a per user basis,
as is the case today with the MFP UI via the web portal. API access
would allow Members to automate functions they perform today on the
MFP, such as adjusting risk settings or managing options assignments.
Members who do not prefer to access the MFP API would be able to
perform the same functions when accessing the MFP UI via the current
web portal.
The Exchange notes that use of accessing the MFP API would be
completely voluntary and would simply be second optional means to
access the MFP. Members who wish to continue to access the MFP UI via
the web portal may continue to do so for no fee. The Exchange's
affiliates, Miami International Securities Exchange, LLC (``MIAX''),
MIAX PEARL, LLC (``MIAX Pearl''), and MIAX Emerald, LLC (``MIAX
Emerald''), previously filed to provide their members with the ability
to access the MFP via an API.\9\
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\9\ See Securities Exchange Act Release Nos. 98016 (July 28,
2023), 88 FR 51364 (August 3, 2023) (SR-PEARL-2023-32); 98018 (July
28, 2023), 88 FR 51374 (August 3, 2023) (SR-EMERALD-2023-18); and
98017 (July 28, 2023), 88 FR 51366 (August 3, 2023) (SR-MIAX-2023-
29).
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2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
the requirements of Section 6(b) of the Act,\10\ in general, and
Section 6(b)(5),\11\ in particular, because it is designed to prevent
fraudulent and manipulative acts and practices, to promote just and
equitable principles of trade, to foster cooperation and coordination
with persons engaged in regulating, clearing, settling, processing
information with respect to, and facilitating transactions in
securities, and to remove impediments to and perfect the mechanism of a
free and open market and a national market system.
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\10\ 15 U.S.C. 78f(b).
\11\ 15 U.S.C. 78f(b)(5).
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The Exchange notes that providing the MFP API to Members is
consistent with the Act in that the use of MFP API is completely
voluntary and simply provides Members with an additional means to
access the Exchange's MFP. The MFP is a useful tool for Members to
manage their trading on the Exchange, including back office operations,
risk controls settings, and Market Maker options assignments.
As noted above, accessing the MFP via an API would be an optional
alternative to web access. Those not electing to access the MFP via an
API may continue to use the MFP UI via the web portal free of charge.
The MFP, whether accessed via an API or web
[[Page 46290]]
portal, allow Members to more efficiently manage their back office
operations, assist them in providing accurate clearing information to
the OCC and in selecting Market Maker options assignments. The Exchange
notes that trade information in the MFP is specific to each Member and
their trades, allowing them to conveniently verify, update, and/or
correct transaction information as needed.
Providing API access to the MFP would be provided purely for
convenience, in response to Member demand, and would be entirely
optional. As stated above, API access to the MFP would enable Members
to connect their applications to the MFP allowing their application to
communicate directly with the MFP. This enables Members to automate
functions that would normally be performed by individual users access
the MFP via the current web portal, such as adjusting risk settings and
managing options assignements. Members who do not prefer to access the
MFP API would be able to perform the same functions by accessing the
MFP UI via the existing web portal.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
result in any burden on competition that is not necessary or
appropriate in furtherance of the purposes of the Act. API access to
the MFP would simply be an optional additional means to access the MFP.
The Exchange does not believe there would be any competitive advantage
for Members who access the MFP via an API over those who access it via
the current web portal because Members would be able to perform the
same functions via both modes of access. API access would simply be a
convenience and would enable Members to automate those functions. The
Exchange does not believe a Member's ability to automate this
functionality provides any competitive advantage when trading on the
Exchange. As such, the Exchange does not believe that the proposed rule
change will impose any burden on intermarket or intramarket competition
not necessary or appropriate in furtherance of the purposes of the Act.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
Written comments were neither solicited nor received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A) of the Act \12\ and Rule 19b-4(f)(6) \13\ thereunder.
Because the foregoing proposed rule change does not: (i) significantly
affect the protection of investors or the public interest; (ii) impose
any significant burden on competition; and (iii) become operative for
30 days from the date on which it was filed, or such shorter time as
the Commission may designate, it has become effective pursuant to
Section 19(b)(3)(A) of the Act \14\ and Rule 19b-4(f)(6) \15\
thereunder.
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\12\ 15 U.S.C. 78s(b)(3)(A).
\13\ 17 CFR 240.19b-4(f)(6).
\14\ 15 U.S.C. 78s(b)(3)(A).
\15\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change, along
with a brief description and text of the proposed rule change, at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has satisfied this requirement.
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A proposed rule change filed under Rule 19b-4(f)(6) \16\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b4(f)(6)(iii),\17\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has asked
the Commission to waive the 30-day operative delay so that the proposed
rule change may become operative immediately upon filing. The Exchange
states that it currently provides web-based access to the MFP free of
charge and, while Members who access the MFP via an API would be able
to automate certain functions, Members would be able to perform the
same functions in the MFP regardless of whether they access the MFP via
the web portal or an API. The Exchange also states that waiver of the
operative delay would allow the Exchange to expand the means of access
to the MFP sooner and allow Members to meet their own back office
needs. In addition, the Exchange's affiliates previously filed to
provide their members with the ability to access the MFP via an
API.\18\ For these reasons, and because the proposed rule change does
not raise any novel legal or regulatory issues, the Commission finds
that waiver of the 30-day operative delay is consistent with the
protection of investors and the public interest. Therefore, the
Commission hereby waives the 30-day operative delay and designates the
proposed rule change to be operative upon filing.\19\
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\16\ 17 CFR 240.19b-4(f)(6).
\17\ 17 CFR 240.19b-4(f)(6)(iii).
\18\ See supra note 9.
\19\ For purposes only of waiving the 30-day operative delay,
the Commission has also considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings to
determine whether the proposed rule should be approved or disapproved.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
<bullet> Use the Commission's internet comment form (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#cdbfb8a1a8e0aea2a0a0a8a3b9be8dbea8aee3aaa2bb"><span class="__cf_email__" data-cfemail="1260677e773f717d7f7f777c6661526177713c757d64">[email protected]</span></a>. Please include
file number SR-SAPPHIRE-2025-35 on the subject line.
Paper Comments
<bullet> Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.
All submissions should refer to file number SR-SAPPHIRE-2025-35. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>). Copies of the filing will be available for inspection and
copying at the principal office of the Exchange. Do not include
personal identifiable information in submissions; you should submit
only information that you wish to make available publicly. We may
redact in part or withhold entirely from publication submitted material
that is obscene or subject to copyright protection. All submissions
should refer to file number SR-SAPPHIRE-2025-35 and should be submitted
on or before October 16, 2025.
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For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\20\
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\20\ 17 CFR 200.30-3(a)(12), (59).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-18552 Filed 9-24-25; 8:45 am]
BILLING CODE 8011-01-P
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